Company Registration No. 11050534 (England and Wales)
REALLY LOCAL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
REALLY LOCAL GROUP LIMITED
CONTENTS
Page
Group balance sheet
1 - 2
Company balance sheet
3
Notes to the financial statements
4 - 11
Accountants' report
REALLY LOCAL GROUP LIMITED (REGISTERED NUMBER: 11050534)
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,120,627
1,669,400
Current assets
Stocks
11,656
5,656
Debtors
6
1,198,404
216,614
Cash at bank and in hand
61,401
155,440
1,271,461
377,710
Creditors: amounts falling due within one year
7
(3,037,718)
(825,991)
Net current liabilities
(1,766,257)
(448,281)
Total assets less current liabilities
1,354,370
1,221,119
Creditors: amounts falling due after more than one year
8
(991,647)
(712,881)
Net assets
362,723
508,238
Capital and reserves
Called up share capital
11,359
10,032
Share premium account
1,644,618
1,130,943
Profit and loss reserves
(1,292,852)
(632,723)
Equity attributable to owners of the parent company
363,125
508,252
Non-controlling interests
(402)
(14)
362,723
508,238
T
he directors of the
group
have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 December 2021 the
group
was entitled to exemption from audit under section
477
of the Companies Act 2006
.
Directors' responsibilities
under the Companies Act 2006
:
-
The members have not required the
company
to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act
with respect to accounting records and the preparation of financial statements.
REALLY LOCAL GROUP LIMITED (REGISTERED NUMBER: 11050534)
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
These financial statements have been prepared in accordance with the provisions applicable to
groups and
companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2022 and are signed on its behalf by:
22 December 2022
Mr P Benson
Director
REALLY LOCAL GROUP LIMITED (REGISTERED NUMBER: 11050534)
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 3 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,586
46,900
Investments
4
662
662
42,248
47,562
Current assets
Debtors
6
2,555,561
1,518,422
Cash at bank and in hand
33,729
5,757
2,589,290
1,524,179
Creditors: amounts falling due within one year
7
(1,507,777)
(764,088)
Net current assets
1,081,513
760,091
Net assets
1,123,761
807,653
Capital and reserves
Called up share capital
11,359
10,032
Share premium account
1,644,618
1,130,943
Profit and loss reserves
(532,216)
(333,322)
Total equity
1,123,761
807,653
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s loss for the year was £198,894 (2020 - £118,807 loss).
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2022 and are signed on its behalf by:
22 December 2022
Mr P Benson
Director
REALLY LOCAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Really Local Group Limited (“the company”)
is a
private
limited company domiciled and incorporated in
England and Wales
.
The registered office is
305 Baltic Quay, 1 Sweden Gate, London, SE16 7TJ.
The group consists of Really Local Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company
financial statements, t
he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
I
nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company
Really Local Group Limited
together with
all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates
.
All
financial statements
are made up to 31 December 2021
.
Where necessary, adjustments are made to the
financial statements
of subsidiaries to bring the accounting policies used into line with those used by other members of the
g
roup.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
REALLY LOCAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Not depreciated
Leasehold improvements
Over 10 years
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the
profit and loss account
.
Depreciation on leasehold buildings is not charged until the properties are initially put into use in the activities of the group.
1.6
Fixed asset investments
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company
financial statements,
investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at
the
lower of
cost and replacement cost
, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
REALLY LOCAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
m
ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the
group's contractual obligations expire or are discharged or cancelled.
REALLY LOCAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2021
2020
2021
2020
Number
Number
Number
Number
Total
38
19
6
4
REALLY LOCAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
3
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2021
454,090
1,447,431
440
2,725
1,904,686
Additions
10,765
1,628,620
499
1,639,884
At 31 December 2021
464,855
3,076,051
440
3,224
3,544,570
Depreciation and impairment
At 1 January 2021
234,274
157
855
235,286
Depreciation charged in the year
188,098
71
488
188,657
At 31 December 2021
422,372
228
1,343
423,943
Carrying amount
At 31 December 2021
464,855
2,653,679
212
1,881
3,120,627
At 31 December 2020
454,090
1,213,157
283
1,870
1,669,400
Company
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2021 and 31 December 2021
51,289
440
732
52,461
Depreciation and impairment
At 1 January 2021
5,129
157
275
5,561
Depreciation charged in the year
5,129
71
114
5,314
At 31 December 2021
10,258
228
389
10,875
Carrying amount
At 31 December 2021
41,031
212
343
41,586
At 31 December 2020
46,160
283
457
46,900
A loan provided by a subsidiary is secured by a charge on another fellow undertakings leasehold property.
REALLY LOCAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
(Continued)
- 9 -
4
Fixed asset investments
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
5
662
662
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2021 and 31 December 2021
662
Carrying amount
At 31 December 2021
662
At 31 December 2020
662
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Really Local Group (Reading) Ltd
5 Cromwell Place, London, England, SW7 2JE
Ordinary
100.00
Really Local Group (Old Blue) Ltd
5 Cromwell Place, London, England, SW7 2JE
Ordinary
100.00
Really Local Group (Hayes) Ltd
5 Cromwell Place, London, England, SW7 2JE
Ordinary
100.00
Really Local Group (Hallsville) Ltd
5 Cromwell Place, London, England, SW7 2JE
Ordinary
100.00
Really Local Group (Catford Mews) Ltd
5 Cromwell Place, London, England, SW7 2JE
Ordinary
100.00
Really Local Group (Broadway) Ltd
5 Cromwell Place, London, England, SW7 2JE
Ordinary
100.00
Really Local Group (Blockbuster) Ltd
5 Cromwell Place, London, England, SW7 2JE
Ordinary
100.00
Really Local Fund C.I.C.
5 Cromwell Place, London, England, SW7 2JE
Ordinary A
80.00
REALLY LOCAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
6
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
44,606
7,798
10,874
6,600
Amounts owed by group undertakings
-
-
1,657,778
1,459,672
Other debtors
1,153,798
208,816
886,909
52,150
1,198,404
216,614
2,555,561
1,518,422
7
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
48,204
28,119
Trade creditors
906,303
213,691
130,319
25,059
Amounts owed to group undertakings
853,595
429,686
Taxation and social security
93,310
17,998
3,557
3,005
Other creditors
1,989,901
566,183
520,306
306,338
3,037,718
825,991
1,507,777
764,088
8
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans and overdrafts
162,671
212,881
Other creditors
828,976
500,000
991,647
712,881
-
-
Other creditors due after more than one year are secured against a leasehold property owned by a fellow group undertaking.
REALLY LOCAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
9
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
210,875
241,000
Payable within one year
48,204
28,119
-
-
Payable after one year
162,671
212,881
10
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
1,552,299
-
-
-
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
Mr P Benson
Mr A Peck
Mr M Wild
Mr P Benson
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